All posts tagged New Gold Inc.

Evolution Mining Ltd. has been frustrated in its pursuit of an eastern Australian gold mine, after Canada-listed New Gold Inc. rejected a recent bid for the Peak Mines operation as too low, a person familiar with the matter told Deal Journal Australia.

Sydney-based Evolution–created last year through the combination of Catalpa Resources, Conquest Mining and assets owned by Newcrest Mining–recently secured a 200 million Australian dollar (US$209 million) loan facility that has given it additional firepower to finance deals.

Peak Mines in the Cobar gold fields of New South Wales state was on Evolution’s radar because it would have added more than 85,000 troy ounces of gold to its annual production. However, talks with New Gold have stalled over price, the person said.

About Deal Journal Australia

Deal Journal Australia is an up-to-the-minute take on the deals and deal makers that shape the Australian landscape, including mergers and acquisitions, capital raisings, private equity and debt markets. In short, wherever money changes hands. Deal Journal Australia is updated throughout each trading day with exclusive commentary, analysis, data, news flashes and profiles. The Wall Street Journal’s Gillian Tan is the lead writer, with contributions from other Journal and Dow Jones reporters and editors. Send news items, comments and questions to gillian.tan@wsj.com.

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